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Ningbo Joyson Q1 profit climbs 18.1% YOY

Ningbo Joyson Electronic Corp. said its normalized net income for the first quarter amounted to 13 fen per share, an increase of 8.4% from 12 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 86.1 million yuan, an increase of 18.1% from 72.8 million yuan in the year-earlier period.

The normalized profit margin rose to 4.6% from 3.9% in the year-earlier period.

Total revenue grew 16.3% on an annual basis to 2.16 billion yuan from 1.85 billion yuan, and total operating expenses rose 13.3% on an annual basis to 1.98 billion yuan from 1.75 billion yuan.

Reported net income increased 30.7% year over year to 120.7 million yuan, or 18 fen per share, from 92.4 million yuan, or 15 fen per share.

As of April 22, US$1 was equivalent to 6.50 yuan.